Mattel stock rallies after toy maker beats Q4 expectations, says turnaround ‘complete’

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Shares of Mattel Inc. MAT, +3.83% rose more than 6% in the extended session Wednesday after the toy maker reported fourth-quarter earnings and sales above Wall Street expectations and said its business turnaround is “complete.” Mattel said it earned $226 million, or 63 cents a share, in the quarter, compared with $129 million, or 37 cents a share, in the year-ago quarter. Sales rose 10% to 1.8 billion, Mattel said, including a 14% increase in sales in North America. That growth was thanks to dolls, including Barbie, and action figures and building sets, the toy maker said. Net sales of Mattel’s American Girl doll fell 6%. Analysts polled by FactSet expected Mattel to report earnings of 30 cents a share on sales of $1.7 billion. “We have made significant progress on our transformation strategy over the last few years, and our turnaround is now complete,” Chief Executive Ynon Kreiz said in a statement. Mattel guided for sales growth between 8% and 10% this year and EPS between $1.42 and $1.48.

This article was originally published by Marketwatch.com. Read the original article here.

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